(Yicai Global) Sept. 14 -- Huawei Technologies, China's largest smartphone maker, has rebuffed speculation that it is being acquired by a state-owned enterprise.

Media reports about an "acquisition by state-owned capital" are untrue, Huawei told Yicai Global yesterday. The Shenzhen-based firm also rebutted reports about any business spinoffs or subsidiary divestments.

"Founded in 1987, Huawei is a private enterprise whose employees hold all the stakes," the company said on its website. "With 180,000 employees, Huawei is operating across more than 170 countries and regions."

The shareholders' meeting, which consists of founder and Chief Executive Ren Zhengfei and the firm's labor union, remains Huawei's decision-making body on issues including capital increase, profit distribution, as well as the election of directors and supervisors, it added. The labor union is composed of employee representatives.